Healthcare Technology Management Market Size and Share Analysis by End User (Healthcare Providers, Healthcare Payers), Delivery Mode (On-Premises, Cloud-Based), Component (Services, Software, Hardware)- Global Industry Demand Forecast to 2030

Market Overview

The healthcare technology management market size stood at USD 6.92 billion in 2022, and it is expected to grow at a CAGR of 15.10% during 2022–2030, to reach USD 21.32 billion by 2030. The growth can be primarily attributed to the rising adoption of cloud technology and associated human-computer interaction (HCI) services, the increasing demand for telehealth and mHealth solutions, the surging implementation of numerous healthcare reforms such as the Patient Protection and Affordable Care Act (PPACA), the growing aging population, and the rising number of chronic diseases.

Furthermore, hospitals, clinics, and other healthcare facilities use information systems, which are developed, designed, created, and maintained by healthcare information technology. Also, healthcare technology management is offering several benefits and prospects for enhancing and transforming healthcare, including improved clinical results, lower human error rates, increased practice efficiency, simplified care coordination, and collection of data over time.

In addition to that, countries such as Japan, France, Spain, and the U.S. have significantly gained a solid foothold in healthcare research, while the U.K. is concentrating on enhancing R&D and exporting technology to other nations.

Rising Usage of Big Data Solutions Is a Key Market Trend

The introduction of big data solutions in healthcare settings is one of the key trends currently being witnessed in the market. Due to rapid digitalization, advanced technology is transforming medical data collection, storage, diagnostic techniques, treatment planning, surgical processes, remote patient monitoring, and consultations.

In the upcoming years, it is projected that the amount of health and medical data would grow tremendously. Big data and analytics are used by MedTech startups to evaluate the enormous amounts of unstructured medical data. It also enhances patient-based services, recognizes disorders at early stages, and produces recent understandings of diseases mechanism.

Moreover, big data solutions make it possible to monitor the effectiveness of treatment procedures as well as the quality of processes at healthcare facilities. This is subsequently fueling the development and surging the demand for healthcare technology management.

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Europe Accounted for a Significant Share

Europe had a significant share in the global healthcare technology management industry, with a revenue share of around 30%, in 2022, owing to the high research and development investments, the rapid adoption of technologically advanced solutions, and the presence of global players and their efforts to come up with newer patents. Also, the European market is expected to generate profitable growth opportunities, due to the existence of developed healthcare infrastructure facilities in countries such as Germany and the U.K.

On the other hand, the Asia-Pacific market is projected to witness the fastest growth during the forecast period. This growth can be mainly attributed to the surging economies and government initiatives for digitalizing and automating tasks of healthcare facilities and healthcare-related organizations. In addition to that, rapid urbanization, increasing disposable income of consumers, busy and frantic lifestyles, rising penetration of the internet, and growing adoption of smartphones are some other factors fueling the demand for healthcare technology management in the region.

Surging Demand for Healthcare Solutions Drives the Industry

The increasing demand for healthcare solutions is boosting the market for healthcare technology management. The demand is rising due to the increasing adoption of electronic health records and various other hospital information systems by healthcare providers, the surging need for high-quality healthcare services, the growing adoption of mobile health and telehealth practices, and the mounting demand for better patient safety and patient care.

Moreover, there is a growing emphasis on preventative medical equipment maintenance. This has grown due to the enhancement of patient safety and care quality by healthcare institutions, and it is comprised of a carefully designed program where maintenance tasks are carried out in a scheduled manner to dodge larger and more expensive repairs down the line. Also, it offers a lowered equipment downtime, which strengthens day-to-day operations and improves device reliability.

Cloud-Based Category To Witness Fastest Growth

The cloud-based category is expected to witness the highest CAGR, of 15.4%, during the forecast timeline, due to certain advantages that it offers, such as reduced capital expenses and operating costs. Apart from that, there is no requirement for any hardware or information technology infrastructure, thereby assisting companies to simplify their supply chain operations by eluding their capital investments. Moreover, cloud technology is helping healthcare organizations to organize and integrate information with explicit solutions to avoid miscommunications and missed savings.

Further, the surging adoption of software solutions by healthcare organizations has led to the increasing need for cloud-based software in the market. In order to meet the growing demand, key players are focusing on launching new cloud-based systems for the management of healthcare technology. For instance, in April 2021, Crothall Healthcare and Nuvolo partnered to launch teamCHAMPS, which is a modernized next-generation cloud-based CMMS for healthcare clinical engineering program management.

This system makes use of the ServiceNow platform and permits its customers to harness the value and power of improved uptime, better clinical engineering program management, and improved medical device safety and performance. In addition to that, the platform offers easy-to-use, modern, and mobile-ready capabilities in areas of robust, data and analytics, easy-to-create dashboarding and reporting, and flexible workflow management.

Hence, the increasing innovation in cloud-based solutions for healthcare technology management, together with the advent of cloud computing software by major industry players, is expected to support the market growth.

Software Category Is Transforming the Industry

The software category held a significant share in 2022. This is primarily ascribed to the launch of novel applications to make healthcare technology management more efficient. In addition, the growing adoption of technologically advanced software for managing workflow in various healthcare organizations is also leading to the growth of the market in this category.

For instance, in November 2021, Crothall Healthcare partnered with Intelex Technologies to launch teamQUEST, which is a dedicated web-based quality management system platform. The objective of this platform is to provide healthcare technology solutions the ability to compile and gather high-quality data in order to quickly produce insight, trends, and reports, and use automation to help staff members operate more productively and smartly.

On the other hand, the hardware category accounts for a considerable market share. This is because of the increasing usage of hardware systems in numerous healthcare organizations. In order to overcome the demand, nowadays healthcare organizations are focusing on launching new solutions.

Healthcare Providers Category Dominates the Market

The healthcare providers category accounts for the largest revenue share, based on end user. This is due to the surging need for different HCIT solutions across hospitals, with the aim of managing the rising burden of handling patient information in hospitals. The category is further divided into hospitals, pharmacies, ambulatory care centers, diagnostic and imaging centers, and others.

Furthermore, the rising prevalence of chronic disorders, such as cancer, heart disease, stroke, diabetes, and arthritis, has created lucrative opportunities for players operating in the healthcare technology industry. For instance, according to the National Diabetes Statistics Report, 2022, approximately 37.3 million population in the U.S. is suffering from diabetes, which is around 11.3% of the total population. Among this population, roughly 28.7 million individuals have been diagnosed with diabetes and 8.5 million people are still to be diagnosed with this disorder.

Therefore, the rising prevalence of chronic disorders among the population in such huge numbers is expected to provide growth opportunities for service providers in the coming years.

Key Players in the Healthcare Technology Management Market Are:

• Siemens Healthineers
• Allscripts Healthcare Solutions Inc.
• General Electric Company
• Oracle Corporation
• Koninklijke Philips N.V.
• Renovo Solutions
• Epic Systems Corporation
• Agfa-Gevaert Group
• Greenway Health LLC
• BigHealth

Market Size Breakdown by Segment

This fully customizable report gives a detailed analysis of the market from 2017 to 2030, based on all the relevant segments and geographies.

Based on End User

• Healthcare Providers
  • Hospitals
  • Pharmacies
  • Diagnostic and imaging centers
  • Ambulatory clinical units
• Healthcare Payers

Based on Delivery Mode

• On-Premises
• Cloud-Based

Based on Component

• Services
• Software
• Hardware

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.